How long has the Wii been out? 4 or 5 years?

I feel like the technology is advancing faster nowadays, so the console cycle will get shortened, the same way the curve on computers or TVs is starting to trend upwards (With 3D having come relatively close to the whole HD thing). Have Microsoft or Sony talked about their next console yet?

Do we need it? No. But that's never stopped any tech company from releasing new hardware. Apple's starting to make an annual event out of their iPods, iPads, and iPhones. Wonder if that'll happen for consoles.